Assignment – Verizon Chickasha 2018-12-10T09:51:55+00:00

OKLAHOMA CITY MSA

VERIZON WIRELESS

  • COST $1.753M
  • CAP RATE 6.5%
  • NOI $114K
  • SQUARE FEET 2,400
  • YEAR BUILT 2018
  • LEASE TERM 9.5 YRS
OFFERING MEMORANDUM

INVESTMENT SUMMARY

Marcus & Millichap is pleased to present the opportunity to acquire a single tenant net leased Verizon Wireless property located in the Oklahoma City MSA, approximately 42 miles southwest of downtown Oklahoma City. The property is located in a dense retail corridor within a dense residential community. The property is brand new 2018 construction and has excellent street-front visibility. Verizon Wireless has 9.5+ years remaining on the lease which expires June 30, 2028. The lease features a 10 percent rent bump in 2023 and in each of the two Five-year renewal option periods.

The 2,400 square-foot property is located at the hard corner of E Grand Avenue, the area’s primary east-west thoroughfare, and 4th Street (US Hwy 81), the area’s primary north-south thoroughfare with combined traffic counts in excess of 20,000 vehicles per day. The Property is bordered by Walgreens to the South, and Xpress Wellness Urgent care to the West. In addition, the Property is located caddy-corner to a Walmart Supercenter with outparcel tenants including McDonald’s, Pizza Hut, Arvest Bank, and Arby’s. Across E Grand Avenue to the North is the 150,000-square foot Southland Shopping Center which includes tenants such as: Save-A-Lot, Dollar Tree, Hibbett Sports, CVS, Taco Bell, and many others.

INVESTMENT HIGHLIGHTS

Single tenant net leased Verizon Wireless property located in Chickasha Oklahoma, approximately 42 miles southwest of downtown Oklahoma City.

Brand new construction (2018)

The 10-year lease term commenced in July 2018 and features a 10% rent escalation in the 6th year of the initial term and in each renewal period.

Exceptional visibility along East Grand Avenue and US Hwy 81, the area’s primary east-west, north-south thoroughfares.

Verizon Wireless provides a wireless services to over 130 million subscribers making it the largest wireless telecommunications provider in the United States.

The Verizon Wireless lease is guaranteed by Cellular Sales of Knoxville, the largest Verizon Wireless retailer in the United states with more than 600 stores.

Cellular Sales of Knoxville exceeds $1 billion in revenues annually, 19 consecutive years of annual growth.

OFFERING MEMORANDUM